Success Universe Group Ltd, a 49% stakeholder in Macau integrated resort Ponte 16, says it expects to record a profit of between HK$3 million and HK$8 million (US$383,000 and US$1.0 million) for the year ended 31 December 2021, reversing a loss of HK$142 million (US$18.1 million) recorded in 2020.
In a profit warning issued overnight, Success Universe explained the improved result is primarily due to a fair value gain on the group’s overseas listed equity securities and on the group’s investment properties, while its share in losses recorded at Ponte 16 was also reduced compared with 2020.
The company had previously reported a HK$30.3 million (US$3.9 million) loss from its share in Ponte 16 for the six months to 30 June 2021, with an Adjusted EBITDA loss of HK$41.4 million (US$5.3 million).
Success Universe also announced last year that it was extending financial assistance to Pier 16 – Property Development, the IR operating entity of which it owns 49%, relating to HK$185 million (US$23.6 million) owing to the Industrial and Commercial Bank of China (Macau) Limited under its existing facilities. Those facilities are due to mature on 29 June 2022.
Ponte 16 reported a loss of HK$145.7 million (US$18.7 million) in 2020 as a result of the COVID-19 pandemic.
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